World Bank: Oil prices to fall gradually

[IDemo]

Source: Associated Press

Record high prices for crude seen crimping demand

SINGAPORE - Oil prices are likely to decline gradually this year and next as record crude prices weaken demand, the World Bank projected Wednesday.

"If you look at the fundamentals, there is scope for lower oil prices," said Hans Timmer, co-author of the bank's annual "Global Economic Prospects" report, at its launch in Singapore. "We forecast more or less a sustained, gradual decline."

A barrel of light, sweet crude surpassed $100 a barrel on the New York Mercantile Exchange for the first time last week.

The World Bank's report predicts that a barrel of crude oil will cost $84.10 on average this year and fall by 6.8 percent to $78.40 a barrel in 2009. It estimates that the average price of crude oil last year was $71.20 a barrel.

Read more: http://www.msnbc.msn.com/id/22572867/

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"We forecast more or less a sustained, gradual decline." So do I, just not in prices...

[Tempest]

1. I'm not buying it

U.S. demand may decrease a small amount, but China and India's demand will continue to increase.

China and India's economies are still growing and will continue to grow despite what happens in the U.S. Their growth may slow, but they will stay in the positive.

[Parche]

2. Yes on 21January 2009

When Bush is out of office...........:sarcasm: :hi:

[bahrbearian]

3. Did they ask if it was all right with Exxon and Mobile to lower prices?

[mother earth]

4. Isn't it amazing during an election year that the decline starts?

Just like the terror threats will be on the increase for the fear mongerers to remind the sheep that they are the only ones who protect us. Yeah...we know the drill...gotta try to drum up some support for repubs, can't do that while people are ticked off at the pumps and screaming mad about heating their homes...and how can Rudy keep using his 911 card?...they are so predictable.

[oneinok]

5. I should have bought oil stocks

This oil price is totally BS to me.